Clarkson PLC
16 January 2008
16 January 2008
Clarkson PLC
Trading Update
Prior to entering its close period for the year ended 31 December 2007, the
Board of Clarkson PLC ('Clarksons') is pleased to provide the following update:
Trading
Since the publication of its interim results on 5 September 2007, trading
conditions have continued to be extremely buoyant. Notwithstanding the weakness
in the US Dollar during most of the second half, the majority of the business
has performed very well, leading to a second half trading result that will be
substantially ahead of the Board's original expectations.
This result has been driven by particularly strong performances in the dry
cargo, derivatives and sale and purchase businesses. Fund Management has also
outperformed our expectations, with performance net of fees of the Clarkson
Shipping Hedge Fund of 26.7% for the year ended 31 December (unaudited).
Year-end Result
Separately the Board has reviewed, with its advisers, the litigation concerning
previously announced claims totalling USD67 million, from Sovcomflot and
Novoship, the Russian state-owned shipping companies. As a result of its
considerations, the Board has decided, without any admission of liability, to
make a provision against the claims of £6 million and now expects profit before
tax, after taking account of this provision, for the year ending 31 December
2007 to be in line with analysts' expectations.
Commenting, Richard Fulford-Smith, Chief Executive said: 'The second half has
been very positive for Clarksons with strong growth in most parts of the
business and the Board looks forward confidently to 2008, although we remain
cautious as we expect some impact from uncertainty in global economic conditions
during 2008.'
Preliminary results for the year ending 31 December 2007 will be announced on 17
March 2008.
Enquiries:
Clarkson PLC 020 7334 0000
Tim Harris, Chairman
Richard Fulford-Smith, Chief Executive Officer
Jeff Woyda, Finance Director
Hudson Sandler 020 7796 4133
Jessica Rouleau
Quiller Consultants 020 7233 9444
John Eisenhammer
This information is provided by RNS
The company news service from the London Stock Exchange
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